Choose the Word or Phrase in [ ] Which Will

question 118

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Traditional indemnity policies reimburse the insured based on the [amount charged | usual,customary,and reasonable charges] for the medical services received.

Understand the conditions under which a consumer decides to purchase goods.

Comprehend how changes in the supply of money influence interest rates.

Analyze the effects of price changes on market surplus or shortage.

Understand the relationship between supply and demand and its impact on price and quantity sold.

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Definitions:

Instrument Payable

A written document that promises the payment of a definite amount of money either on demand or at a future date.

Definite Time

A specified period in contracts or agreements where certain actions or conditions must be met or take place.

Negotiation

The process of discussing and arriving at a mutual agreement between parties, often involving compromise or the making of concessions.

Holder

An individual or entity that possesses or controls a negotiable instrument, security, or other similar documents, legally recognized as entitled to the benefits of ownership.